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In this article you get to know Journal entry for goods stolen. This article is written after referring more than 07 articles related to this topic.
GOODS STOLEN JOURNAL ENTRY
Loss of Theft Account-Debit
Purchase Account-Credit
Goods stolen is loss to the company/business so Loss of theft account need to debited and to reduce the stock Purchase Account need to be credited.
Loss of theft is nominal account and its rule is Debit all expenses and losses, credit all income and gains. Goods is real account its rule is Debit what comes in Credit what goes out.
JOURNAL ENTRY FOR CASH STOLEN BY THE EMPLOYEE
Loss of theft Account-Debit
Cash Account-Credit
Or
Miscellaneous Expense-Debit
Cash Account-Credit
CONCLUSION:
Dear reader in this article you get to know about Journal Entry for Goods Stolen, Cash Stolen by the employee. Hope you understood the things better. If you have any query regarding this article kindly comment below.